SOCHI, October 5. /TASS/. The global financial system created on the basis of the US dollar is gradually collapsing, Russian President Vladimir Putin said at the plenary session of the Valdai Discussion Club.

"The Bretton Woods system - it was created on the basis of the dollar in the old days, and so on, but all that is gradually ruining. The currency is the derivative from the might of the economy of the country that issues such currency. The share of the US economy in the global GDP is contracting - these are also obvious things," Putin said.

The system of settlements should be established now within the BRICS framework and the transition to national currencies should be made, the President noted.